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To: Mad2 who wrote (888)	4/6/1999 6:19:00 PM
From: Top Jim	Respond to of 4337

Mad2, I like ELBO also. Structure similar to BKS or IBI with B&M and a strong embrace of ecommerce. Very dominant retailer with competitive barrier (favorable availability of new releases). 14% SSS growth and 1200% etail growth = 25% projected for FY00. Pru projects $0.05 EPS from etail alone (one of the few ecommerce plays that generates income). I really don't see any downside to their business model. As for the trading dynamics, small float, thinly traded, and an apparent institutional overhang have been a drag on performance. But with a P/E at half their projected growth and a great ecommerce site, I am in with both feet. P/E languishing around 12-13 but CEO stated on conference call that focus for 99 is on etail and a major news announcement is due in April. I hope this will give us the breakout we need. Steve any thoughts on this stock? TJ